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the tax fight gets shorthanded as raising taxes on rich people. but the first $250,000 of income will be taxed the same as it is now. it stays the same. no additional taxes. no matter how much additional money you make beyond that fresh hold. you may pay a higher rate over $250,000, but purposely reducing your income to under a dollar, is hilarious. so consider had a public service announcement to people of means. or if you prefer, to moneyed americans. if somebody tries to reduce you to reducing your income on purpose to $249,999.99, if somebody tries to talk you into doing that, they are teasing you. it's a hoax to tease you for not understanding math and how taxes work. if you're not a person of money but you know such a person fallen into this trap, it's your choice to leave them floundering for your amusement while they purposely reduce their income to no rational effect. or you can do the right thing and help them understand how marginal tax rates work. class warfare is just a >>> a few months after president obama was inaugurated in 2009, t
the tax fight gets shorthanded as raising taxes on rich people. but the first $250,000 of income will be taxed the same as it is now. it stays the same. no additional taxes. no matter how much additional money you make beyond that fresh hold. you may pay a higher rate over $250,000, but purposely reducing your income to under a dollar, is hilarious. so consider had a public service announcement to people of means. or if you prefer, to moneyed americans. if somebody tries to reduce you to...
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Nov 21, 2012
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what are you willing to commit to if you get the tax cuts the president and party is demanding? >> sure. well, we have got to reach across the aisle and with the fiscal cliff, both sides have to put everything on the table and do what's best for all mitt romneys and that's not just me talking about it. that's what i heard continually from the people in my district and that's a big reason of why we won the race. my way or the highway doesn't work in politics. we have to be serious about getting our country back on the right track. >> congressman, you're part of a changing demographic. the house democratic caucus is no longer majority white male. women and minorities and people such as yourself now are the majority of this caucus. how's that going to change decisions that are made? >> well, it is historic and i am proud to be among a new, diverse congress that will -- that really reflects all of america. you know, we were elected to be the voice of america and to represent their issues. and, you know, as someone who grew up here in las vegas, my district is very diverse. we have 2
what are you willing to commit to if you get the tax cuts the president and party is demanding? >> sure. well, we have got to reach across the aisle and with the fiscal cliff, both sides have to put everything on the table and do what's best for all mitt romneys and that's not just me talking about it. that's what i heard continually from the people in my district and that's a big reason of why we won the race. my way or the highway doesn't work in politics. we have to be serious about...
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Nov 21, 2012
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january 1 comes and basically back before the bush tax cuts. and then everything becomes a negotiation of what then becomes added to a tax cut, not removed from a baseline. that may be politically very viable. >> gentlemen, thank you. martin, thank you. >> thank you. >> keith, zachary, happy holidays to all three of you. you're right in front of me. breaking news to pass on right in front of me about congressman jesse jackson jr. resigning from congress. house speaker boehner's office confirming they have received jackson's resignation letter. more details on this after the break but again, congressman jackson jr. is resigning after just winning re-election there in his illinois district. we are back with much more after this. >>> it's time for the "your business" entrepreneur of the week. christine wants you to shop small. the onner of wonder works believes in cooperation instead of competition. she has a section dedicated to locally made products to make sure that her customers dollars stay local. for more watch sunday mornings at 7:30 on msn
january 1 comes and basically back before the bush tax cuts. and then everything becomes a negotiation of what then becomes added to a tax cut, not removed from a baseline. that may be politically very viable. >> gentlemen, thank you. martin, thank you. >> thank you. >> keith, zachary, happy holidays to all three of you. you're right in front of me. breaking news to pass on right in front of me about congressman jesse jackson jr. resigning from congress. house speaker...
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Nov 21, 2012
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cuts but the alternative minimum tax, talking about payroll taxes. we're talking with about the fix. so there are several things that would hit taxpayers. what the president has proposed and what i support is reducing taxes on 98% of the u.s. public and that is reducing taxes -- or keeping the tax cut in place for those who make less than $250,000. you know and i know that what tends to happen in these situations is at the last minute things get resolved. i don't think they will be resolved as big as tax reform, but i do believe we will resolve it and will not have to result in the united states going over the fiscal cliff. i think it would send a very dangerous significaal around th world, but it would also compromise our economy. >> and, quickly, there's a lot of speculation about what type of deal, what the deal will actually look like, talks perhaps coming to an agreement to have a mechanism in place that would have sizable deficit reduction and have sizable entitlement reform in 2013, a little bit now, a lot later. do you think it's possible in
cuts but the alternative minimum tax, talking about payroll taxes. we're talking with about the fix. so there are several things that would hit taxpayers. what the president has proposed and what i support is reducing taxes on 98% of the u.s. public and that is reducing taxes -- or keeping the tax cut in place for those who make less than $250,000. you know and i know that what tends to happen in these situations is at the last minute things get resolved. i don't think they will be resolved as...
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Nov 21, 2012
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let's point out, too, the president must like the bush tax comes. he's accepted 80% of them for about 95% of the american people. so he's ruled a lot of revenue off the table himself. i agree with him on that, but let's recognize that absent reform and these basic entitlement programs you're simply putting a band-aid on a problem that requires major surgery. >> congressman tom cole, happy thanksgiving to you and yours. thank you. >> thank you. >> back to the middle east now where secretary of state hillary clinton has obviously been very busy moving between jerusalem, the west bank, egypt. nbc's stephanie gosk is live in tel aviv. what are you hearing about the cease fire? >> reporter: you know, we were on the cusp of a cease-fire it seemed like last night and it seemingly fell apart. however, we did hear from israeli prime minister benjamin netanyahu that they still want a diplomatic solution, which is a real sign that at the very least the negotiations are still going on. we know that secretary clinton is shuttling back and forth throughout the re
let's point out, too, the president must like the bush tax comes. he's accepted 80% of them for about 95% of the american people. so he's ruled a lot of revenue off the table himself. i agree with him on that, but let's recognize that absent reform and these basic entitlement programs you're simply putting a band-aid on a problem that requires major surgery. >> congressman tom cole, happy thanksgiving to you and yours. thank you. >> thank you. >> back to the middle east now...
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Nov 23, 2012
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not tax e rates. joining me now to talk about it from baltimore, maryland senator ben cardin, good afternoon. >> it's good to be with you, thank yo >> where do negotiations stand right now from your perspective? >> they are taking place at different leve.w that the presi speaker of the housend meeting. i could tell you as a member o the senate finance committee, we've had discussions democratic and republican members of the senate finance committee as to how we could be helpful. but u' hurdle isd revenue. and how we're going to be able to achieve enough revenue to ma work. >> let's talk about this soluti, mentioned in the new york times today, raing tax revenue by taxing wealthy americans, entire income at the current top rate. is tso both sides could agree to? >> i think it's going to be challenging quite frankly. the eni?pasiest way to get ther let the highest rates expire and no go back to the bush rates. if we start dealing with exemptions and can do that but normally we would talk conjunction
not tax e rates. joining me now to talk about it from baltimore, maryland senator ben cardin, good afternoon. >> it's good to be with you, thank yo >> where do negotiations stand right now from your perspective? >> they are taking place at different leve.w that the presi speaker of the housend meeting. i could tell you as a member o the senate finance committee, we've had discussions democratic and republican members of the senate finance committee as to how we could be...
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we have a little more than a month now to avoid triggering automatic tax increases, and massive budget cuts. one emerging point of contention, the president's signature affordable care act. in a cincinnati enquirer op-ed house speaker john boehner is calling for the law to be on the table in those negotiations. meantime a new political report says house republicans plan to vote next week on immigration legislation that would expand visas for foreign science and technology students. the plan would also make it easier for those with green cards to bring their immediate families to the u.s. >>> and this year's official christmas tree arrived at the white house friday with all the traditional fanfare atop a horse-drawn marriage. the 19 foot frasier fir is from north carolina. >>> joining me for more, white house correspondent for the hill, amy parnes. chief correspondent for mcclatchy newspaper steve selma. welcome to you both. >> thank you. >> steve, why don't you head on up here? i'm going to begin with amy. i want to read you part of speaker boehner's op-ed on fiscal cliff negotiations.
we have a little more than a month now to avoid triggering automatic tax increases, and massive budget cuts. one emerging point of contention, the president's signature affordable care act. in a cincinnati enquirer op-ed house speaker john boehner is calling for the law to be on the table in those negotiations. meantime a new political report says house republicans plan to vote next week on immigration legislation that would expand visas for foreign science and technology students. the plan...
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Nov 23, 2012
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so you can call yourself a tax cutter even though really the taxes have reset for a day or two. think of it this way, on december 31st the top tax rate is 35%. on january 1st the top tax rate is now about 40%. so you have this whole new baseline and you can say on january 2nd, hey, everybody, we're cutting taxes to get back to where we need to be. it's a bit of a kabookey dance. >> with that whole kabookey thing, if that's set one way january 1st, is that what's then in effect come hell or high water when people are paying their taxes april 15th or is there negotiating room ahead? >> no, that's kind of exactly the point. any changes that are made once we go over the cliff will be pret throw active. when you sit down in april of 2014 to fill out your taxes for 2013, they will be taxes that reflect all the agreements that will ultimately solve this thing and i am confident that we will ultimately solve it, i'm just not sure we'll solve it on december 31st. even the withholding tables, your paycheck should actually reflect the higher taxes that set in once we go over the cliff. the
so you can call yourself a tax cutter even though really the taxes have reset for a day or two. think of it this way, on december 31st the top tax rate is 35%. on january 1st the top tax rate is now about 40%. so you have this whole new baseline and you can say on january 2nd, hey, everybody, we're cutting taxes to get back to where we need to be. it's a bit of a kabookey dance. >> with that whole kabookey thing, if that's set one way january 1st, is that what's then in effect come hell...
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but all of the other tax changes would be for next year's taxes, not this year's taxes. so you don't see that immediate impact. and then the stupid across-the-board cuts, congress should revisit that. we could find reductions of $100 billion that aren't across the board where you cut things that are useful and working well as much as things that are losers and go away. >> so under your theory and that of several ores, there's not as you referred to an economic calamity. but you and i both know for example wall street. we keep hearing these business leaders and so many others are nervous and we could see an immediate reaction there if some type of deal is not reached before january 1st. >> sure. the millionaires and billionaires, they've got a sweet deal now. they will make a lot of noise to say, raise my tax rates and i'll stop investing. of course, these are the same people who spent $400 million, $500 million to get a president hired that would cut their taxes. >> it would certainly affect it if the white house is saying you'll go off this cliff. you're looking at them
but all of the other tax changes would be for next year's taxes, not this year's taxes. so you don't see that immediate impact. and then the stupid across-the-board cuts, congress should revisit that. we could find reductions of $100 billion that aren't across the board where you cut things that are useful and working well as much as things that are losers and go away. >> so under your theory and that of several ores, there's not as you referred to an economic calamity. but you and i both...
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taxes, that challenge is going to be to find a way to increase taxes on the wealthy. to increase taxes on higher earners without increasing the rate. that would be a win win for both sides. the question is, how do you do that? one option, to potentially roll back tax breaks that wealthier americans and corporations are given. they're batting a couple of ideas around. one thing that is giving folks hope, the fact that house speaker john boehner and eric cantor seem to be working more in lock step now than they were during the summer of 2011. if that holds, it really could help the house of representatives to get on 3w0rd of some type of idea. >> we've heard from chairman bernanke and others. how much of a factor will the fed and the ceos of all these major companies be as we get closer to this major deadline? >> one of the questions is how do people react where all these tax increase, all these spending cuts take effect. if there's no deal in the middle of december, say, do we start to see some real impacts? do companies start slowing their capital spending plans, do t
taxes, that challenge is going to be to find a way to increase taxes on the wealthy. to increase taxes on higher earners without increasing the rate. that would be a win win for both sides. the question is, how do you do that? one option, to potentially roll back tax breaks that wealthier americans and corporations are given. they're batting a couple of ideas around. one thing that is giving folks hope, the fact that house speaker john boehner and eric cantor seem to be working more in lock...
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rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the country's stock market into a freefall. our reporter is in cairo with the very latest. ayman, good morning. >> reporter: good morning. egypt's stock market opened for a second straight day, and it plunged already by 4%. now, that's already a day after it lost 10%, and officials there had to stop trading just to prevent it from declining any further. that's the economic turmoil this country finds itself in. there are tons of other political and social unrest unfolding across the egyptian capital, cairo. a short while from now, mourners are going to be prayi
rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the...
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all we're fighting over now is tax rates on the top 2% of earners. this seems like something seems as if also based on what i've read and listening to the president and speaker boehner, it also seems as if both sides are trying to position themselves alluded to bases, trying to position themselves to save some face with their respective bases. trying to figure out how they keep the rates intact but also generate more revenue. you alluded to it. i want to put up a screen here. a full screen but "the new york times" reporting today, one suggestion being floated increasing taxes, keeping the rates the same meaning, for instance, that the entire of someone making 400,000 will be taxed at the top rate. is this something that would be acceptable at all? >> no. again that's what i was describing earlier. all that does is raise taxes about $30,000 regardless of how much money you make. people making 10 20 $50 million, would only have to pay $30,000 more. that's just like, you know, a nice dinner for some of those people. >> that's a heck of a dinner. >> this
all we're fighting over now is tax rates on the top 2% of earners. this seems like something seems as if also based on what i've read and listening to the president and speaker boehner, it also seems as if both sides are trying to position themselves alluded to bases, trying to position themselves to save some face with their respective bases. trying to figure out how they keep the rates intact but also generate more revenue. you alluded to it. i want to put up a screen here. a full screen but...
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Nov 26, 2012
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the atm tax is going to get a patch. we know we're going to see benefits given to our -- unemployment benefits given and veteran benefits gimp. it seems like this year we have a nice new fun name. i know you hate it steesh, but the fiscal cliff. we put that scary name on it as if that's going to motivate our elected officials. all i see is a press release them saying they're going to fight for us and until the end of the day they're not going to do anything until we see a nice countdown clock. >> as per zblushl but the republicans need that clock more than the democrats do, don't they? >> they do. the fact is we need to find a path way to yes and i think the sooner we do it the better it is politically to move off. >> yeah. no. i mean i was just going to say, republicans -- the problem here for republicans is they're trying to get off this 22-year rae fusal to raise taxes, and think to cut any kind of a deal, they almost -- even if the deal -- the parameters are in place they have to go to the very edge. we held out as l
the atm tax is going to get a patch. we know we're going to see benefits given to our -- unemployment benefits given and veteran benefits gimp. it seems like this year we have a nice new fun name. i know you hate it steesh, but the fiscal cliff. we put that scary name on it as if that's going to motivate our elected officials. all i see is a press release them saying they're going to fight for us and until the end of the day they're not going to do anything until we see a nice countdown clock....
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if you think about incentives for investment in new technologies, the tax credit, tax credit for solar and wind power. some of that is actually helpful. >> you're being far too reasonable. far too reasonable. >> now, some -- wait a second. let me get -- i don't know if it's unreasonable but let me tell you what i was about to say. if you think about oil and gas subsidie subsidies, if you think about all the profits, and this is the big money stuff that are deferred, held overseas, if you think about the ability of private equity funds to deduct interest payments on their debt finance deals, all of that is corporate welfare. so you know, there's balance here to be seen. >> now, joy, i mean, you know -- i told joy earlier, speaker boehner is tripping. he writes that the tactics are -- >> i agree. >> -- repeal efforts have to change. are you kidding me? three times they've been defeated on this. what has to change is their attitude on this. >> oh, is john boehner going to be pissed when he finds out mitt romney lost the election. if they let him out of that time machine, he might be somet
if you think about incentives for investment in new technologies, the tax credit, tax credit for solar and wind power. some of that is actually helpful. >> you're being far too reasonable. far too reasonable. >> now, some -- wait a second. let me get -- i don't know if it's unreasonable but let me tell you what i was about to say. if you think about oil and gas subsidie subsidies, if you think about all the profits, and this is the big money stuff that are deferred, held overseas,...
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tax credit for low-income families, the payroll tax cut, that's just a few of them out there. what would the tax hikes mean for the average american? i mean, the economic impact, would that be felt immediately? >> obviously there's going to be a big impact here. when you total all the cuts set to expire, the tax hike is something like $400 million. they will not hit the same people but it is a hefty number. this is certainly something the average american would feel a whole lot at home. and to your point earlier, i think it would be interesting as there doesn't seem like there's a whole lot of movement. it is not clear how to get past the log-jam we have now where it doesn't seem anyone is willing to put anything on the table that will actually lead to a conclusion in this. there's a lot of back and forth but no real movement going on at the moment. >> bob, do you think it will be what we have seen so many times on capitol hill, which is pushing this to the 11th hour-plus and they get something done because of pressure? do you think that will happen? >> sure. i think that's be
tax credit for low-income families, the payroll tax cut, that's just a few of them out there. what would the tax hikes mean for the average american? i mean, the economic impact, would that be felt immediately? >> obviously there's going to be a big impact here. when you total all the cuts set to expire, the tax hike is something like $400 million. they will not hit the same people but it is a hefty number. this is certainly something the average american would feel a whole lot at home....
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next is the payroll tax. if you make, say, $50,000 a year, that's another $1,000 that you're going to fork over to uncle sam. then there is the alternative minimum tax, 27 million will be hit with this for the first time ever. and it's a separate calculation from the regular tax, the average cost, $3,700 a year. then there's the spending cuts, pre-cliff, if you're unemployed, you get 99 weeks of benefits, post cliff, 26 weeks. and home interest perks, bye-bye, those could all be gone. bernie sanders, good to have you with me today. and the president is making a full-court press meeting with business leaders today. and i just had senator johnson on earlier in the hour and says he's a small business owner, the president would have been wise to invite him to this meeting to talk to him about what he thinks about what could happen with the fiscal cliff, what do you think about the president's pr moves so far and what he's doing? >> well, i wouldn't call it a pr move. i think what the president is doing is saying
next is the payroll tax. if you make, say, $50,000 a year, that's another $1,000 that you're going to fork over to uncle sam. then there is the alternative minimum tax, 27 million will be hit with this for the first time ever. and it's a separate calculation from the regular tax, the average cost, $3,700 a year. then there's the spending cuts, pre-cliff, if you're unemployed, you get 99 weeks of benefits, post cliff, 26 weeks. and home interest perks, bye-bye, those could all be gone. bernie...
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Nov 23, 2012
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some will not sign this no tax pledge. so there is some sense maybe his influence will wane a little bit. i think he'll be an influential player down the road. >> i'm sorry to cut this short. i want to thank you for your time nonetheless. we will see you guys again. thank you. >> thank you. >>> still ahead, this partisan rush. what is the outlook for compromise when a majority of states will be under single party control? plus, which toys will be selling like hotcakes? toys 'r' us' ceo is here to break down the big ticket items. ♪ it's so important to make someone happy ♪ when you give a child a toy, it has to work. ♪ make just one someone happy and when it's a toys for tots child, well, what could be more important? so this year, every hasbro toy donated to toys for tots will be powered by duracell. happy holidays. duracell with duralock. trusted everywhere. >>> giving you a look at these new protests happening right now in cairo's tahrir square. supporters and opponents of egypt's new president, mohamed morsi, are
some will not sign this no tax pledge. so there is some sense maybe his influence will wane a little bit. i think he'll be an influential player down the road. >> i'm sorry to cut this short. i want to thank you for your time nonetheless. we will see you guys again. thank you. >> thank you. >>> still ahead, this partisan rush. what is the outlook for compromise when a majority of states will be under single party control? plus, which toys will be selling like hotcakes? toys...
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i don't think taxes -- i don't want to vote to raise taxes. even if it's tort reform, whatever the issue happens to be, be very careful. do not sign anything. do not give away your power. because -- >> it's not the plan. it's the primary. if you were running today, wouldn't you be worried about the primary the same way bob bennett, dick lugar? the list is on and on. >> the issues are so complex. it's like nuclear proliferation, abortion, abortion 50 times in congress on issues related to abortion, medicaid, obviously. partial birth. bypass. i can't literally take these huge, complex issues and have a pledge that covers everything. >> i want to actually go now to the other side of the equation which is on the one hand we're going to have the grover norquist pledge is the shiny metal object. we're in two weeks of doing -- we're all going to run in place until the smell of the jet fuel from national airport starts making its way down to congress and they realize, oh, wait. >> and have a deal this week. there's that option, too. >> get done for th
i don't think taxes -- i don't want to vote to raise taxes. even if it's tort reform, whatever the issue happens to be, be very careful. do not sign anything. do not give away your power. because -- >> it's not the plan. it's the primary. if you were running today, wouldn't you be worried about the primary the same way bob bennett, dick lugar? the list is on and on. >> the issues are so complex. it's like nuclear proliferation, abortion, abortion 50 times in congress on issues...
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instead of not raising taxes let's just talk about how much we're going to raise taxes, so it appears for the most part now conservatives are looking at changing some of the things they talked about and pledged when they were running for office and look this is a bigger issue to me. it is not necessarily about grover norquist or a pledge and what you run on as you head to congress. some of these speeches and we have all heard them and been to the rallies. they make promises that are virtually impossible to keep and that's the problem with the governance, the mind of not moving the ball forward in the current congress. you can't make promises you can't keep. these types of i will never do this and always do that, that's a bad way to start things off and you're seeing that now because they're having to change the rhetoric. >> i want to play sound from grover norquist. let's play it and i want to talk to you about it on the other side. take a listen. >> no pledge taker has voted for a tax increase. you have had people discussing impure thoughts on national television. we would highlight
instead of not raising taxes let's just talk about how much we're going to raise taxes, so it appears for the most part now conservatives are looking at changing some of the things they talked about and pledged when they were running for office and look this is a bigger issue to me. it is not necessarily about grover norquist or a pledge and what you run on as you head to congress. some of these speeches and we have all heard them and been to the rallies. they make promises that are virtually...
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should taxes go up. the discussion is how do you do it? >> exactly. and, listen, i think that to the extent we are just talking right now, i don't think that talking hurts. but should this become -- should this come in play, little there will be a lot of people on the left who will not be very happy. i think in some ways it is apples and oranges. i think what you're hearing is we will do this, however, you need to do the separate thing over there. i don't think social security has anything to do with it. >> let's talk raw numbers here. at the end of the day you have to find 218 house members. and in the past john boehner has said and, oh, by the way, his election is after the fiscal cliff. that happens a couple days after the fiscal cliff. so all of this maneuvering is complicated. to get to 218 he has said he wants a majority of the majority, which is approximately 120 republicans, so then you have to find some nearly 100 democrats to do this as well, and if that has social security and medicare in it,
should taxes go up. the discussion is how do you do it? >> exactly. and, listen, i think that to the extent we are just talking right now, i don't think that talking hurts. but should this become -- should this come in play, little there will be a lot of people on the left who will not be very happy. i think in some ways it is apples and oranges. i think what you're hearing is we will do this, however, you need to do the separate thing over there. i don't think social security has...
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agree we won't raise taxes on people making less than $250,000. we should take them out of this discussion right now. >> what is the issue with that? >> well, what congressman cole has really shown is that there's an imminent amount of good logic and sense in preserving the current tax rates for 98% of americans for a lot of reasons. one of which is the gdp dependent on consumer spending. 0% of the economy is consumer spending. if you take $2,000 on average out of pockets of consumers, it's going to hurt the economy so right away you have a low tax good economic rational behind it but there are politics here, too, of course, and that is the republican party just got she lacked in an election and learning that the only way to expand their popularity, expand their base is if they stop being perceived as the party of wealthy white people and start being perceived as more appeal and i think that congressman's statement goes to the fact that we need to separate the tax rates for the top 2% as an issue from the tax rates of everybody else. that's so-cal
agree we won't raise taxes on people making less than $250,000. we should take them out of this discussion right now. >> what is the issue with that? >> well, what congressman cole has really shown is that there's an imminent amount of good logic and sense in preserving the current tax rates for 98% of americans for a lot of reasons. one of which is the gdp dependent on consumer spending. 0% of the economy is consumer spending. if you take $2,000 on average out of pockets of...
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the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because notre dame beat southern cal. >> my poor step dad. he is not so happy this morning. >> i don't care about him. >> let me continue on the issue of taxes because this is important. and as i say, it's going to be the defining issue. you hear republican saxby chambliss say it's not going to govern what i do. norquist saying he promised the people of georgia that he would reform the government rather than raise taxes. where do you stand on the pledge? can this be overcome? with revenues be raised? >> first of all, i agree with chambliss. a pledge you signed 20 years ago, 18 years ago, is for that congress. for in
the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because...
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Nov 27, 2012
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the typical middle-class family with two children would see a $2200 tax increase next year if the tax cuts are not extended. that will hit their pocketbook. that would reduce consumption by 1.7 percentage points and reduce gdp growth by 1.4 percentage points and would be a big hit to retailers. we calculate that about $200 billion less would be spent next year than would otherwise be the case if the tax cuts for the middle class are not extended. and just to put that in perspective, that's about four times as much as spent over black friday weekend. >> why isn't there more action? we don't see the leaders coming to the hill, we don't see any meetings. what is going on perhaps behind the scenes because mitch mcconnell, among others, critics of the president, of course, were saying where is the presidential engagement. why is he going out to the public and continuing a political campaign to drum up support and not engaging one on one, meeting with the leaders again? >> well, the president has been very much engaged in these issues and he's been engaged for the last several years. he's m
the typical middle-class family with two children would see a $2200 tax increase next year if the tax cuts are not extended. that will hit their pocketbook. that would reduce consumption by 1.7 percentage points and reduce gdp growth by 1.4 percentage points and would be a big hit to retailers. we calculate that about $200 billion less would be spent next year than would otherwise be the case if the tax cuts for the middle class are not extended. and just to put that in perspective, that's...
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Nov 26, 2012
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grover norquist's tax pledge could be history. and all eyes are now focusing on house republicans as talks to avoid going over that so-called fiscal cliff are picking up steam. joining me now, mark halperin, senior political analyst for "time" and msnbc and ruth marcus, columnist and editorial writer for the "washington post." to you, mark, what is your read about what we've been hearing the last couple of days about grover norquist, the pledge and how much running room the speaker does have to b negotiating a deal. >> i did a spit take with my fruity pebbles watching "morning joe" because eric cantor's tone was unlike anything i've ever heard. his office is saying oh, no, he's against raising marginal rates, but it's clear that in the scheme of things, the biggest piece is does john boehner have enough running room to strike a deal involving some new revenue. i still am of the belief that the vote in the house, which will be a cliff hanger no matter what happens amongst the leaders in the white house, it will be a tough vote. i t
grover norquist's tax pledge could be history. and all eyes are now focusing on house republicans as talks to avoid going over that so-called fiscal cliff are picking up steam. joining me now, mark halperin, senior political analyst for "time" and msnbc and ruth marcus, columnist and editorial writer for the "washington post." to you, mark, what is your read about what we've been hearing the last couple of days about grover norquist, the pledge and how much running room the...
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Nov 29, 2012
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we want increased taxes. if republicans, if you guys want entitlement reforms, you need to name them. republicans are saying, the white house and democrats know what we want when it comes to medicare, when it comes to social security. they need to actually come out and pick them. democrats, on the other hand, are almost kind of like, no, you guys need to name this stuff first before we start talking about it. again, thomas, we really are in the stage right now where this is a lot more about pr. it's about press conferences rather than hard negotiating. which we won't reach until about mid-december. >> mark murray, thank you, sir. i appreciate it. >>> coming up in less than a half an hour from now, the start of the u.n. general assembly session that is expected to result in an overwhelming approval of a resolution recognizing palestine as a state. that resolution is strongly opposed by israel and the u.s. which failed n eed in its effor prevent today's vote. joining me now is israeli vice minister, silvan shal
we want increased taxes. if republicans, if you guys want entitlement reforms, you need to name them. republicans are saying, the white house and democrats know what we want when it comes to medicare, when it comes to social security. they need to actually come out and pick them. democrats, on the other hand, are almost kind of like, no, you guys need to name this stuff first before we start talking about it. again, thomas, we really are in the stage right now where this is a lot more about pr....
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Nov 28, 2012
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keeping the bush tax cults for 98% of americans, give up on keeping tax cuts low for the wealthy, 2%. take a listen to what cole on capitol hill had to say moments ago. >> in my view, we all agree that we're not going to raise taxes on people who make less than $250,000. we should take them out of this discussion right now and continue to fight against any rate increase, continue to try to work honestly for a much bigger deal. >> has the tipping point been reached, sir? is the compromise in front of us right now because so many republicans are willing to talk act revenue? >> well, look. tom cole, who is a friend of mine, was the former chairman of the republican congressional campaign committee. i am the current chairman of the democratic congressional campaign committee. anytime you can get the former republican congressional campaign committee chair and the current democratic congressional committee democratic chair to agree on something, do it, pass it. tom cole is right. this is why people are frustrated with washington. everybody on capitol hill agrees on this fact at least, that
keeping the bush tax cults for 98% of americans, give up on keeping tax cuts low for the wealthy, 2%. take a listen to what cole on capitol hill had to say moments ago. >> in my view, we all agree that we're not going to raise taxes on people who make less than $250,000. we should take them out of this discussion right now and continue to fight against any rate increase, continue to try to work honestly for a much bigger deal. >> has the tipping point been reached, sir? is the...
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in the economy, what part do taxes play in this economy. and if i could just read you one line in this entire -- >> sure thing. >> there's not a conclusive evidence to substantiate a clear relationship between the 65-year steady reduction in top tax rates and economic growth. and it goes on to be much more specific than that. the republicans did not want the american people to see this because it blows holes in the ryan budget and their camp -- it blows holes in it. and what it does is basically bring us back to reality in a much more balanced approach to try to fix this by january 1st. is it all going to be fixed by january 1st? i don't think so. am i hopeful? well, we had a bipartisan meeting friday. democrats and republicans on the ways and means committee. the question is the leadership may be with us in trying to get this resolved, they have to look to their leadership, they have to look to mr. boehner to see if they would be willing to put this up, a balanced approach of cuts to future expenditures as well as increasing the rates for
in the economy, what part do taxes play in this economy. and if i could just read you one line in this entire -- >> sure thing. >> there's not a conclusive evidence to substantiate a clear relationship between the 65-year steady reduction in top tax rates and economic growth. and it goes on to be much more specific than that. the republicans did not want the american people to see this because it blows holes in the ryan budget and their camp -- it blows holes in it. and what it does...
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Nov 23, 2012
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they're paid for in a separate manner, through payroll taxes. so anybody that wants to do that is really holding the issue hostage. the other side is good at doing that. republicans have been very good at holding us hostage. we said to them at least pass the middle chas tax cuts and let's continue those and then we'll debate the other stuff. there is no compromising these ideologues. i want compromise. people want them to come together. if you hold the other issue or the other side hostage, it's not going to get done. i'm a little less optimistic than i was last week when i hear from staff and the discussions that are going on behind the scenes. i'm less optimistic about it. but i'm in there fighting for resolution. if we kick the can down the road, alex, this is the worst thing that we can do. it only builds up anxiety in the markets. >> i do get a sense people want resolution to all of this. bill pascrell of new jersey. >>> coming up top of the hour, we'll take you back live to israel and gaza with the latest on the developingtory there, on ef
they're paid for in a separate manner, through payroll taxes. so anybody that wants to do that is really holding the issue hostage. the other side is good at doing that. republicans have been very good at holding us hostage. we said to them at least pass the middle chas tax cuts and let's continue those and then we'll debate the other stuff. there is no compromising these ideologues. i want compromise. people want them to come together. if you hold the other issue or the other side hostage,...
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up so they can all go and campaign and to rush limbaugh i voted for a tax cut, not a tax rise. it just so happened that taxes went up at the same time. >> let me ask ben this. you spent a lot of time looking at the sort of texture of the political boundaries on these parties, right. and -- >> is this a thanksgiving metaphor? >> it is. it's a stuffing metaphor. richard's talking about what would strike most political observers as a gimmick. wait a week and don't get to call it a hike. there's a movement we've talked about on "now" before, that says that grover norquist is yesterday's it news, he's out of date and you had some house republicans say they're willing to break with him without a gimmick. do you think there's any districts where republicans can actually benefit by saying, i'm going to do something bigger than grover norquist? my boss is the constituents and not these washington insiders? >> no. i don't think anybody -- i don't think grover norquist is a household name but a lot of these guys signed a pledge they would not raise taxes and then these sort of trap of tha
up so they can all go and campaign and to rush limbaugh i voted for a tax cut, not a tax rise. it just so happened that taxes went up at the same time. >> let me ask ben this. you spent a lot of time looking at the sort of texture of the political boundaries on these parties, right. and -- >> is this a thanksgiving metaphor? >> it is. it's a stuffing metaphor. richard's talking about what would strike most political observers as a gimmick. wait a week and don't get to call it...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> the elections just 16 days old, but the republican party is already looking to 2016. according to politico, more than two dozen republicans are already thinking about running for president. and joining me now from washington, democratic pollster margie, and republican strategist joe watkins. it's never too early, right, guys? let's get talking about this. joe, is the gop already making plans for 2016? at this point, if so, who would you say would be the party's best hope? >> the party has to start looking to 2016. we've suffered two losses now in '08 and again in '12. we've got to look at expanding the base. the republican party knows that you can't win going forward without wome
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> the elections just 16 days old, but the republican party is already looking to...
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either real tax rates or effective tax rates. secondly, we've got to close some significant loopholes, for instance, the ones that allow for too many corporations to avoid paying taxes by moving revenues overseas. >> mike is at the white house. did it sound to you like they are ready to make compromises? >> reporter: there's so much there to listen to and, alec, i know people hate to hear this, but you really have to look closely at what they are saying. as the fiscal cliff negotiations are set to make, peter king, we'll hear from him in a moment, say that they are willing to forego, to break the ledge that they made, the famous pledge that this individual that grover norquist talks about, that republicans made that they will not raise taxes. there's two parts. they won't raise tax rates or tax revenues by any means necessary. lindsey graham says he will willing to doll that by simplifying the tax code. that's one path to compromise that we will see. what they don't agree upon yet is raising that top rate, that 35% rate right now
either real tax rates or effective tax rates. secondly, we've got to close some significant loopholes, for instance, the ones that allow for too many corporations to avoid paying taxes by moving revenues overseas. >> mike is at the white house. did it sound to you like they are ready to make compromises? >> reporter: there's so much there to listen to and, alec, i know people hate to hear this, but you really have to look closely at what they are saying. as the fiscal cliff...
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they would reject $10 of spending cuts for every $1 of tax increases. why? because they didn't want to face condemnation from the media hosts you're now addressing the following day. >> and it's just like -- i'll say this again. they used to say -- i won't use the bad word, but the old days in the south, you couldn't win unless you were the furthest out of the most segregationist line. if anybody went soft on the race issue, even slightly on civil rights, you were finished. the only way you won was go hard right and become the ultimate segregationist, and that held the south back for decades. anyway, thank you, michael and ron reagan. have a nice holiday. >>> up next, the best and worst campaign commercials of the 2012 campaign coming up. it's kind of interesting. forgot a lot of these. this is "hardball," the place for politics. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i
they would reject $10 of spending cuts for every $1 of tax increases. why? because they didn't want to face condemnation from the media hosts you're now addressing the following day. >> and it's just like -- i'll say this again. they used to say -- i won't use the bad word, but the old days in the south, you couldn't win unless you were the furthest out of the most segregationist line. if anybody went soft on the race issue, even slightly on civil rights, you were finished. the only way...
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capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren buffett makes, the type of money that mitt romney makes, the type of money that bill gates makes. those people aren't paying 14% taxes when the rest of americans are carrying the full load. >> i think to your point about the party on this issue, absolutely. i think the party has a window now to come to the table in an honest way to be, again, the party of the middle class. more importantly, joe, to be the party of the poor, to make the argument of elevating people out of poverty into ownership through our tax syst
capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren...
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gains tax rate. you know what all of it is? all of it is about can they govern? can they govern? can we be governed? can the people in washington, d.c., in the house and the senate and the president, can they govern? >> they have to. >> well, they have to. they absolutely have to. >> just to make a point for those who thought that the health care reform law was historic, many people -- i actually assume that most of the five people at this table think that it's a shocking thing that america is the most powerful country on earth before the health care law was passed, had a massive number of many, many millions of uninsured people in the country when every other industrialized country has universal coverage. >> right. we do all agree with that, right? >> one of the more historic things, it's going to move millions of uninsured people into the ranks of the civilized world. >> and as the president promised, also not only is he going to put 30 million people on the rolls for health care, it's also going t
gains tax rate. you know what all of it is? all of it is about can they govern? can they govern? can we be governed? can the people in washington, d.c., in the house and the senate and the president, can they govern? >> they have to. >> well, they have to. they absolutely have to. >> just to make a point for those who thought that the health care reform law was historic, many people -- i actually assume that most of the five people at this table think that it's a shocking...
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subtitle for an atlantic article, robert, i think says everything, americans want a deal that reduces taxes on the wealthy and doesn't cut entitlements, but most of all they want compromise. is this going to be one of these 11th-hour deals or two-parter? how do you see this playing out? >> i think it's going to be a two-parter, alex. but something that you said there is fundamentally wrong, americans do not want any entitlement reform. and any type of fiscal deal, you have to have some type of entitlement reform. i know it's painful to have that conversation, but that's what's putting us in this fiscal mess. if you don't tackle that, the big entitlement issues, we're going to continue to have this problem for generations to come. >> okay. richard and robert, thank you so much. >> sure, alex. >> have a happy thanksgiving. >>> a military thanksgiving in afghanistan. certainly a long way from home, but our troops are feasting on 78,000 pounds of turkey, sweet potatoes and pie. we take a seat at the table after the break. >>> we celebrate the holiday here at home, there are thousands of brave a
subtitle for an atlantic article, robert, i think says everything, americans want a deal that reduces taxes on the wealthy and doesn't cut entitlements, but most of all they want compromise. is this going to be one of these 11th-hour deals or two-parter? how do you see this playing out? >> i think it's going to be a two-parter, alex. but something that you said there is fundamentally wrong, americans do not want any entitlement reform. and any type of fiscal deal, you have to have some...
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have enjoyed immense wealth more tax advantages. i think the public also needs to know that what's happening in the congo and goem a is a humanitarian crisis, almost at the epic point and one of the most desperate places in the world and these people who are in camps have been dispossessed and on the road and great death and disease there. we need to contribute to the red cross and to others to help the people there. in the eastern congo and that the grizzlies are the best team in basketball. they're a grit and grind and america's team. >> you really touched all the bases there. katrina. >> people need to know that we have come one step closer to ending the ineffective irrational and inhumane drug wars with the initiatives that passed in washington and colorado on november 6th. this is an opening for the president to instruct the department of justice to reprioritize the marijuana, prosecution of marijuana cases. but also to use this as a way to allow washington, colorado to implement these cases because the war on drugs disproporti
have enjoyed immense wealth more tax advantages. i think the public also needs to know that what's happening in the congo and goem a is a humanitarian crisis, almost at the epic point and one of the most desperate places in the world and these people who are in camps have been dispossessed and on the road and great death and disease there. we need to contribute to the red cross and to others to help the people there. in the eastern congo and that the grizzlies are the best team in basketball....
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it's the 2% we don't agree on, and the republicans could hold up tax release for 98% of americans. i think the public also needs to know that what's happening in the congo is a humanitarian crisis, almost going to be at the tipping point and it's one of the most desperate places in the world and these people in camps are on the road and there will be great death and disease there and we need to contribute to the red cross and others to help the people in goma and in the eastern congo and that the grizzlies are the best team in basketball. >> you really touched all the bases there. katrina? >> people need to know we have come one step closer to ending the ineffective and inhumane drug wars in this country with the initiatives that passed in washington and colorado on november 6. al also, the war on drugs affects disproportionately african-americans and latinos and it's failed. >> what they're setting up there, the regulatory system -- >> people should know as the justice department and cia write a policy that was supposed to endoris the drone targeting, china has developed their own
it's the 2% we don't agree on, and the republicans could hold up tax release for 98% of americans. i think the public also needs to know that what's happening in the congo is a humanitarian crisis, almost going to be at the tipping point and it's one of the most desperate places in the world and these people in camps are on the road and there will be great death and disease there and we need to contribute to the red cross and others to help the people in goma and in the eastern congo and that...
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according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. how are you doing, willie? >> i'm doing well. >> good. just two weeks after the longest -- >> thanks for stopping by. >> doing well. >> you know, just two weeks after the longest, most expensive and exhausting election in u.s. history eyes are turning to 2016 as speculation begins over the next batch of candidates lining up to run for president. >> who could that be? i know it's going to be a surprise. >> i know it is too. we're moving past these dynasties. >> exactly. >> of ruled politics for decades. republican up and comer jeb bush jr. says
according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think....